QUESTION 2 Stock valuation The following transactions of Unilever Ghana Limited relate to May 2022. Quantity (units) Unit cost GHe TC GHe Market value per unit on date of transaction GH Opening balance, 1 100 May Receipts, 3 May 400 Issues, 4 May 200 Receipts, 9 may 300 Issues, 11 May 400 Receipts, 18 May 100 Issues, 20 May 100 Closing balance, 200 31 May 2.00 2.10 2.12 2.40 200 840 636 240 2.11 2.11 2.15 2.20 2.35 2.35 2.38 Required: Find the cost of issues and the closing stock value in the above transactions using a) FIFO b) LIFO c) Average cost method

QUESTION 2 Stock valuation The following transactions of Unilever Ghana Limited relate to May 2022. Quantity (units) Unit cost GHe TC GHe Market value per unit on date of transaction GH Opening balance, 1 100 May Receipts, 3 May 400 Issues, 4 May 200 Receipts, 9 may 300 Issues, 11 May 400 Receipts, 18 May 100 Issues, 20 May 100 Closing balance, 200 31 May 2.00 2.10 2.12 2.40 200 840 636 240 2.11 2.11 2.15 2.20 2.35 2.35 2.38 Required: Find the cost of issues and the closing stock value in the above transactions using a) FIFO b) LIFO c) Average cost method

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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